SOLB STEEL
PKI continued its search for investment opportunities especially in an industry field that motivates the construction field. There were many initiatives, most importantly the participation in the foundation and development of JIZAN Economic city by establishing a steel factory.
PKI collaborated with international market researchers to study the Steel Industry in the region. The results were astounding enabling PKI to start the South Steel Company. The factory is the first to venture in the JIZAN Economic City (JEC) located in the South province of JIZAN.
PKI became one of the developers of the JIZAN Economic City (JEC) with the main developers Bin Laden Group and MMC in Malaysia. On November 4 , 2006, Custodian of the Two Holy Mosques, King Abdullah, laid the cornerstone for JEC and inaugurated as well the first phase of the new SOLB STEEL in JEC.
THE BIRTH
Established in 2008
Paid-Up Capital: 120 Million US DollarsTotal Investment: 350 Million US Dollars
Project Start-up date: Q4 2010
Strategic partners: Qatar Steel
Dubai Investment
JEC Developers and other Local Partners
SHAREHOLDING STRUCTURE
Pan Kingdom Invest: 50%
Qatar Steel: 20%
Dubai Investment: 4%
JEC: 10%
Local Partners: 16%
GENERAL LOOK ON SOLB STEEL (PHASE 1)
Production Capacity of 1 million tons/year Billets and 1million tons/year deformed rebars.
The Project Implementation started on the 15th of May 2008.
The Power Supply Agreement (160 MVA) was signed with Saudi Electric Company (SEC) on the 12th of January 2008.
SMS Group will s upply all necessary e quipment and in a ddition t o all required t raining and supervision.The contract was signed November 24 2007.
NRCC - The industrial gas supply contract was signed in July 2008.
The project is executed by STX Korean company
A contract has been signed with (V.W.N Steel Solution) for managing the project